SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) saw the second-highest number of both property sales and new listings ever recorded in July.

The FVREB processed a total of 2,100 sales in July, an increase of 22.2 per cent compared to sales in June and an increase of 44 per cent compared to the 1,458 sales during July of last year. Last month’s sales were 25.5 per cent above the tenyear average for July and second only to July 2015.

Chris Shields, President of the Board, observes, “In the context of the current pandemic environment, our market is significantly ahead of what we anticipated. We’re seeing market conditions representing a seller’s market for townhomes and single-family homes in the Fraser Valley. For example, in North Delta, Cloverdale, Langley, Abbotsford and Mission, for every 100 active detached listings, 40 or more sold in July.”

“We attribute it to continued pent-up demand from what would have been a strong spring market for us; and clearly, near record-setting low interest rates. Buyers should take note that in some of our communities, the lack of supply and increase in demand is putting upward pressure on home prices. The average price of a detached home in our region set a record high in July, last set two years ago during the same month.”

The Fraser Valley Board received 3,549 new listings in July, a 2.7 per cent increase compared to June’s intake of 3,456 new listings and a 26.9 per cent increase compared to July of last year. July’s new listings were 18.3 per cent above the ten-year average for the month and second only to July 2008. Last month finished with 7,341 active listings, an increase of 3.9 per cent compared to June’s inventory and a decrease of 12 per cent year-over-year.

Baldev Gill, Chief Executive Officer of the Board, adds, “The real estate profession has worked hard to make the buying and selling process safe during this pandemic and consumers have responded. Homeownership is a prudent, long-term investment strategy that isn’t as vulnerable to short-term fluctuations, and in this period of economic uncertainty, it’s encouraging to see the strong demand currently for Fraser Valley real estate.”

In July, the average number of days to sell an apartment was 34; 28 for townhomes and 34 for single family detached.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,008,000, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.4 per cent compared to June and, increased 5.3 per cent compared to July 2019.

• Townhomes: At $563,200, the Benchmark price for a townhome in the Fraser Valley increased 0.6 per cent compared to June and increased 3.3 per cent compared to July 2019.

• Apartments: At $437,300, the Benchmark price for apartments/condos in the Fraser Valley increased 0.5 per cent compared to June and increased 3.8 per cent compared to July 2019.

SURREY, BC – The Fraser Valley real estate market saw a resurgence in activity in June as the industry and consumers continue to successfully adapt to doing business during a pandemic.  

The Fraser Valley Real Estate Board (FVREB) processed a total of 1,718 sales on its Multiple Listing Service® (MLS®) in June, an increase of 113 per cent compared to sales in May and a increase of 32 per cent compared to the 1,306 sales during June of last year. Last month’s sales were 6.4 per cent below the ten‐year average for June.  

Chris Shields, President of the Board, observes, “We’re cautiously optimistic. June’s numbers clearly indicate that the market is functioning in this challenging new environment and we’re returning to more typical activity levels.”

“It’s due to a combination of factors. Obviously, very low interest rates, pent‐up demand from the previous three months when the market was on hold, and the new CMHC rules that came into effect on July 1st making it harder to qualify for mortgage insurance. Also, consumers have told us that they respect and appreciate the safety protocols and use of technology we’ve implemented and they’re getting more comfortable with the new buying and selling process.”

The Fraser Valley Board received 3,456 new listings in June, a 57 per cent increase compared to May’s intake of 2,207 new listings and a 23 per cent increase compared to June of last year. June finished with 7,063 active listings, an increase of 9 per cent compared to May’s inventory and a decrease of 17 per cent year‐over‐year.

Shields adds, “We can’t predict how our market will continue to respond during COVID, but what we do know is that historically, over 80 per cent of Fraser Valley buyers move within our region and half purchase within their own community. People buy and sell for lifestyle reasons and currently, even during this uncertain time, conditions are favourable. The market is balanced, inventory is growing, and prices remain stable.”  

In June, the average number of days to sell an apartment was 37; 30 for townhomes and 31 for single family detached.

MLS® HPI Benchmark Price Activity

 Single Family Detached: At $994,500, the Benchmark price for a single‐family detached home in the Fraser Valley increased 0.4 per cent compared to May and, increased 3.6 per cent compared to June 2019.

 Townhomes: At $559,600, the Benchmark price for a townhome in the Fraser Valley increased 0.8 per cent compared to May and increased 1.9 per cent compared to June 2019.

 Apartments: At $435,300, the Benchmark price for apartments/condos in the Fraser Valley increased 0.4 per cent compared to May and increased 3.3 per cent compared to June 2019.

COVID-19 has made a large finacial impact on homeowners and tenants. Here are some of the many relief and information resources available. We will update this with new information as it becomes available.

MORTGAGES:

Many financial institutions are offering payment deferrals. If you are currently facing financial hardship it is worth talking with your lender to see if this is an appropriate option for you.

RENTAL SUPPLEMENT:

BC housing is providing up to $500 as a temporary rental supplement to qualifying tenants.

More info: https://www.bchousing.org/BCTRS

BC HYDRO

• Relief Fund: Applies a 3-month credit to your BC Hydro account for eligible customers (avg credit will be $477).
• Bill deferral and payment plans.
• Customer Crisis Fund: Grants of up to $600 off your energy bill.
• BC Hydro is halting all service disconnections for non-payment of bills

https://app.bchydro.com/accounts-billing/bill-payment/ways-to-pay/covid-19-relief-fund.html

For more information on individual and business income support:

Federal Supports

https://www.canada.ca/en/department-finance/economic-response-plan.html#individuals

Provincial Supports:

https://www2.gov.bc.ca/gov/content/employment-business/business/small-business/resources/covid-19-supports